Oil slides amid higher US inventories and possible restart of pipeline exports to Europe – The National

Oil slides amid higher US inventories and possible restart of pipeline exports to Europe – The National

Oil prices fell on Wednesday as US crude inventories rose and traders pondered the possibility that pipeline exports to Europe from Russia would resume in the coming days, further easing supply concerns in a tight market.

Brent, the global benchmark for two thirds of the world's oil, was trading 0.21 per cent lower at $96.11 per barrel at 12.43pm UAE time on Wednesday. West Texas Intermediate, the gauge that tracks US crude, was down 0.15 per cent at $90.36 a barrel.

Oil prices fluctuated on Tuesday as Russia’s pipeline operator Transneft said it suspended oil exports through the Druzhba pipe towards Hungary, the Czech Republic and Slovakia on August 4 as sanctions prevented Moscow’s transit payments to Kyiv.